Date:07/12/2005 URL: http://www.thehindubusinessline.com/2005/12/07/stories/2005120704090900.htm

Back Govt notifies FII/NRI investments in news channels

Our Bureau

New Delhi , Dec. 6

THE Government has clarified that portfolio investments, in the form of FII/NRI deposits, would be permitted in news and current affairs channels uplinking from India within the 26 per cent foreign investment limit subject to the condition that these would not be "persons acting in concert" with FDI investors.

It has further said that the applicant company permitted to uplink would have to operationalise the channel within one year. Also, sports channels/sports rights management companies having TV broadcasting rights would have to compulsorily share their feed for events of national importance with Prasar Bharati.

The events would be determined by the Information and Broadcasting Ministry in consultation with Ministry of Sports & Youth Affairs, Prasar Bharati and the concerned sports channels/sports rights management companies. In case of cricket events, these shall include all matches featuring India and the semi-finals and finals of international competitions. Broadcasters would have to share the rights of those contracts bagged before the new law.

Foreign news channels/agencies seeking permission for temporary uplinking would now be granted permission up to one year provided they have a binding agreement with a teleport in India and conform to the Programme and Advertisement Code.